Grayscale Investments, the world’s largest digital currency asset manager, has formally filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) tied to Binance Coin (BNB). This audacious move signals a major strategic expansion for Grayscale, moving aggressively beyond its established flagship products focused on Bitcoin (BTC) and Ethereum (ETH).
The proposed fund, tentatively named the Grayscale BNB Trust, seeks to provide institutional and retail investors with direct, regulated exposure to the BNB token without requiring them to hold the underlying asset. The filing utilizes a similar regulatory structure and surveillance sharing agreements that were successfully employed in the conversions of the Bitcoin and pending Ethereum spot products.
Industry analysts note that Grayscale is actively testing the boundaries of the SEC’s comfort zone regarding crypto assets. While the agency has shown a grudging willingness to approve spot ETFs for BTC and ETH, approval for major altcoins like BNB presents significantly higher regulatory hurdles. BNB, which is associated with the world’s largest crypto exchange ecosystem, has faced unique regulatory scrutiny in the past.
Grayscale’s CEO stated that the filing reflects the growing maturity of the entire digital asset ecosystem and the increasing institutional demand for diversified exposure. The firm argues that the liquidity and market depth of BNB meet the necessary criteria for investor protection and market integrity, making the asset suitable for a regulated ETF wrapper.
If approved, the spot BNB ETF would be a landmark product, setting a powerful precedent for other asset managers looking to launch products tracking top-tier altcoins. However, the approval process is expected to be protracted and rigorous, hinging on Grayscale’s ability to assuage the SEC’s concerns regarding market manipulation and the categorization of the asset.
Source: Grayscale seeks SEC approval for spot BNB ETF in expansion beyond BTC, Ether
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